EXTON, PA — First Resource Bank (OTCQX: FRSB) announced the recent completion of its reorganization as a wholly-owned subsidiary of First Resource Bancorp, Inc., effective May 11, 2022. The reorganization was approved by the Bank’s shareholders on April 27, 2022, at their Annual Shareholder Meeting. First Resource Bancorp, Inc. common stock continues to trade on the OTCQX marketplace under the symbol FRSB and stockholders have the same rights and ownership percentage in the new holding company as they currently have in the Bank.
CEO Glenn B. Marshall stated, “This reorganization provides enhanced capital options to finance future growth of First Resource Bank, most notably, the ability to issue debt at the holding company level which can then be invested in the Bank as common equity. This option will be a cost-effective way to support growth across the enterprise and is in the best interest of our customers and shareholders.”
First Resource Bancorp states that the Bank’s current operations will remain unaffected by the formation of the holding company and there will be no changes to the company’s headquarters or management. Customers can still expect to receive the same level of exceptional service and product offerings that First Resource Bank has always provided.
Pursuant to the reorganization, each existing shareholder of First Resource Bank will receive an equal number of shares of First Resource Bancorp, Inc. common stock in exchange for their Bank stock. Bank shareholders holding paper stock certificates will receive correspondence from the Bank’s transfer agent, Broadridge Corporate Issuer Solutions, with specific instructions on how to exchange their certificates. Shares held in book-entry form only will be automatically converted with no action needed by shareholders.
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